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What you need to know about your Pi coins: Withdrawal, Buying Goods and Services, KYC and Mainnet.

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Avatar for MaryGraceGold
Written by   20
1 year ago

The Pi Network has been a hot stuff in the cryptocurrency space since 2020 and since the project was launched it had already over 14 million users of the Pi Network that is currently mining in the Pi app.

So for everyone who still doesn't know about how Pi Network works and what to do about it, I will be sharing about it in this article. Even if you are already an old user of the Pi Network, there might be some facts that you still don't know or don't know what to do. So it's better for you to know it so you can safely use your Pi coins in the future.

Pi coin as a digital currency

Pi coin is a cryptocurrency that is currently not a full cryptocurrency yet. The coin is not yet exchangeable or tradable on exchanges because it is still being mined in their very own Pi Network App since 2019.

However, as of today, the Pi coin can be use by some or very few eligible pioneers of the the Pi Network in buying some products in some services like Amazon.

The project was founded almost 3 years ago by now, in 2019, by some of the Professors in the Standford University that aims a digital currency that can be used to pay for goods and services.

Withdrawal for Pi coins

As mentioned above, the coin is still being mined and the project is still being more develop. The Pi Team has not made any announcements yet about where and when Pi coin will be listed on any exchanges.

And there are some consequences if the Pi Team will announce about its listing. If ever it will be listed on exchanges, what will happen will surely be a chaos.

Once it will be listed, there will be a high selling pressure for Pi coin for a reason that most Pi users who are mining for years or months will want to be paid off with their patience that might lead a sudden dump of price of the Pi coin.

As with that one reason, the Pi Team are thoroughly planning on what to do about for the betterness of the project and we will hear about it from them very soon.

The Process of Account Verification and KYC in the Pi App

There are different ways of verifying your account the Pi Network App:

  1. Verifying with Facebook account.

    When you want to use your Facebook account for the verification, you can instantly and easily verify your Pi Account with it.

  2. Using phone number verification.

    This one is a little bit hassle. If you mistakenly use the phone option as the verification process, it will cost you some balance to send a message to Pi Team for them to verify your account and once you are done, you are still required to finish the Facebook verification process.

And for the KYC process in the Pi App, the Pi Network uses a third-party application called YOTI.

The YOTI app is where all the personal informations of the Pi Network users are stored making sure that the Pi Network won't have any access to our data and it will be YOTI's responsible if ever the user's data is leaked, stolen or sold.

Launching of Pi Network's Mainnet

A Mainnet is the end product of the project where everyone can have access to it for buying and selling, for example.

After the long wait, for almost 3 years of mining and gaining the trust of everyone for the Pi Network, the Pi Team announced in the Pi App that the launching of the Pi Network Mainnet will happen within this year of 2021.

What does this mean for everyone?

It means that everyone that have Pi coins in their wallet can now exchange those Pi coins to other currencies that is available.

Let's Summarize Everything

Pi is not yet a fully recognize cryptocurrency. The project has been around for almost 3 years and constantly being more develop by the Professors from Stanford University.

The Pi coins we mined in the Pi App is currently not withdrawable. The Pi Team are yet to announce about its listing on exchanges.

You can verify your Pi Account instantly with your Facebook account. And if you use your phone to verify, you will be charged for sending a message and you will still be required to finish the Facebook verification.

The Mainnet is just around and when that happens, when now directly buy and sell Pi coins on their Mainnet - and that will happen very soon.

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Avatar for MaryGraceGold
Written by   20
1 year ago
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Pi will be valued around 1$ if it will be listed in exchanges but it will dump hard if it will happen.

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1 year ago

I was really hoping you include too on how to register in the app. May I know how and what should I need to do start mining in the app?

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1 year ago

I heard rumors that Pi itself will launched its own exchange to prevent the selling pressure of Pi. I wonder if it could be true but it could be effective for the growth of the project.

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1 year ago

Pi is currently valued for $100 per coin in Amazon. Do you know that? Sadly we can't still exchange it for fiat currencies.

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1 year ago

Do you mean that we still need to do KYC even if we already verify the account?

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1 year ago